Conspicuous consumption and brand preferences in the commercial sector: an analysis of consumer financial welfare in Ecuadorian zone 3
Keywords:
Consumption, Consumer Behavior, Economic Well-being, Marketing, GlobalizationSynopsis
The problem faced by many consumers is based on prioritizing the acquisition of luxury goods or recognized brands as symbols of success, which can lead to personal financial imbalances. The objective of this scientific work is to examine the relationship between conspicuous consumption, brand preferences, and their impact on the economic stability of consumers in Ecuador's Zone 3 region. Using a theoretical and empirical approach, the study addresses the phenomenon of conspicuous consumption from its historical roots to its current expressions, enhanced by globalization and social media. Psychological and sociocultural factors that drive this type of consumption are analyzed, such as the need for belonging, social comparison, and self-esteem, in addition to the central role of advertising in creating aspirations. Brand preferences are also explored as a key element in purchasing decisions, highlighting their ability to generate trust, differentiation, and emotional connections. The importance of branding in the perception of a product's value, beyond its functionality, is emphasized, and how it influences each stage of the purchasing process is shown. In the context of Zone 3 of Ecuador, the case study reveals how these dynamics affect consumers' financial well-being, especially in sectors where conspicuous consumption has been adopted as a symbol of success. The text concludes with recommendations to encourage conscious, sustainable consumption aligned with better personal financial management, promoting financial education and ethical marketing strategies that prioritize real value over appearance.
Downloads
Download data is not yet available.
References
Alreck, P. L., & Settle, R. B. (1999). Strategies for building consumer brand preference. Journal of Product & Brand Management, 8(2), 130–144. https://doi.org/10.1108/10610429910266986
Areiza-Padilla, J. A., & Manzi Puertas, M. A. (2021). Conspicuous Consumption in Emerging Markets: The Case of Starbucks in Colombia as a Global and Sustainable Brand. Frontiers in Psychology, 12. https://doi.org/10.3389/fpsyg.2021.662950
Arequipa-Santo, B. M., Mancheno-Saá, M. J., & Villalba-Miranda, R. F. (2019). Diversificación de productos y satisfacción del consumidor en almacenes de la zona 3 de Ecuador. Dominio de Las Ciencias, 5(1), 422. https://doi.org/10.23857/dc.v5i1.870
Avcı, İ. (2021). The Effect Of Conspicuous Consumption Behavior On Wasteful Consumption Behavior: The Intermediary Role Of Hedonic Consumption Behavior. Journal of Economy Culture and Society, 0(0), 0–0. https://doi.org/10.26650/jecs2021-875642
Barrera, G. A., & Ponce, H. R. (2021). Personality traits influencing young adults’ conspicuous consumption. International Journal of Consumer Studies, 45(3), 335–349. https://doi.org/10.1111/ijcs.12623
Baudrillard, J. (1998). The Consumer Society: Myths and Structures. SAGE Publications Ltd. https://doi.org/10.4135/9781526401502
Campbell, C. (1987). The Romantic Ethic and the Spirit of Modern Consumerism. Basil Blackwell.
Cook, D. T. (2007). The Blackwell Companion to the Sociology of Culture. Blackwell Publishing Ltd. https://doi.org/10.1002/9780470996744.ch11
Gamboa-Salinas, J. M., Mancheno-Saá, M. J., & Hurtado-Yugcha, J. del P. (2023). Competencias gerenciales y transición digital para mipymes Zona 3-Ecuador. Revista Venezolana de Gerencia, 28(101), 297–315. https://doi.org/10.52080/rvgluz.28.101.19
Gonzales Sulla, A. E. (2021). Comportamiento del consumidor y su proceso de decisión de compra. El nuevo camino del consumidor. Gestión En El Tercer Milenio, 24(48), 101–111. https://doi.org/10.15381/gtm.v24i48.21823
Heilbroner, R. L. (1999). The worldly philosophers: the lives, times, and ideas of the great economic thinkers. Touchstone.
Hidalgo, M., Villarroel, A., & Hidalgo, M. (2020). Presupuestos empresariales. Imprenta Tallpa.
Kumar, B., Bagozzi, R. P., Manrai, A. K., & Manrai, L. A. (2022). Conspicuous consumption: A meta-analytic review of its antecedents, consequences, and moderators. Journal of Retailing, 98(3), 471–485. https://doi.org/10.1016/j.jretai.2021.10.003
Linares, J., & Pozzo, S. (2018). Social networks as a tool for relationship marketing and customer loyalty. SCIÉNDO, 21(2), 157–163. https://doi.org/10.17268/sciendo.2018.016
Lusardi, A., & Mitchell, O. S. (2014). The Economic Importance of Financial Literacy: Theory and Evidence. Journal of Economic Literature, 52(1), 5–44. https://doi.org/10.1257/jel.52.1.5
Mackay Castro, C. R., Escalante Bourne, T. M., Mackay Véliz, R. A., & Escalante Ramírez, T. A. (2021). Importancia del marketing para el posicionamiento de los emprendimientos en Ecuador. Revista Publicando, 8(31), 142–152. https://doi.org/10.51528/rp.vol8.id2240
Marambio Tapia, A. (2018). Endeudamiento “saludable”, empoderamiento y control social. Polis (Santiago), 17(49), 79–101. https://doi.org/10.4067/S0718-65682018000100079
Neiman, F. D. (1997). Conspicuous Consumption as Wasteful Advertising: a Darwinian Perspective on Spatial Patterns in Classic Maya Terminal Monument Dates. Archaeological Papers of the American Anthropological Association, 7(1), 267–290. https://doi.org/10.1525/ap3a.1997.7.1.267
Ortiz, E. S., Lobos, G., & Guevara, D. (2019). Factores Determinantes del Bienestar Financiero y su Relación con la Calidad de Vida en una Muestra de Profesionales de Guayaquil, Ecuador. Información Tecnológica, 30(1), 121–132. https://doi.org/10.4067/S0718-07642019000100121
Patsiaouras, G. (2017). The history of conspicuous consumption in the United Kingdom: 1945-2000. Journal of Historical Research in Marketing, 9(4), 488–510. https://doi.org/10.1108/JHRM-05-2017-0014
Patsiaouras, G., & Fitchett, J. A. (2012). The evolution of conspicuous consumption. Journal of Historical Research in Marketing, 4(1), 154–176. https://doi.org/10.1108/17557501211195109
Paurav, S. (2008). Conspicuous consumption among middle age consumers: Psychological and brand antecedents. Journal of Product and Brand Management, 17(1), 25–36. https://doi.org/10.1108/10610420810856495
Quijano, A. (2019). Colonialidad del poder, eurocentrismo y América Latina. Espacio Abierto, 28(1), 255–301.
Robert, F. (2007). Falling Behind: How Rising Inequality Harms the Middle Class. University of California Press.
Romero, D. (2019). ¿Cuáles son las marcas de mayor recordación para los ecuatorianos? Revista Vistazo. https://lc.cx/wsqf9r
Santamaria, E. (2014). Influencia de los Factores Culturales y Demográficos en el Perfil del Consumidor de Marcas Propias en Ecuador. Revista Politécnica, 34(2).
Schor, J. (1999). The overspent American: upscaling, downshifting, and the new consumer. HarperPerennial.
Swait, J., & Sweeney, J. C. (2000). Perceived value and its impact on choice behavior in a retail setting. Journal of Retailing and Consumer Services, 7, 77–88.
Valdivieso, S., & Mideros, A. (2023). Profiles of Happy Consumers in a Developing Country, The Case of Ecuador. Journal of Happiness Studies, 24(8), 2669–2697.
Veblen, T. (1899). The theory of the leisure class. Macmillan.
Velandia-Morales, A., Rodríguez-Bailón, R., & Martínez, R. (2022). Economic Inequality Increases the Preference for Status Consumption. Frontiers in Psychology, 12. https://doi.org/10.3389/fpsyg.2021.809101
Velandia-Morales, A., Rodríguez-Bailón, R., & Martínez, R. (2023). Normative effect of economic inequality: empirical evidence about conspicuous consumption. Efecto normativo de la desigualdad económica: evidencias empíricas sobre el consumo conspicuo. International Journal of Social Psychology: Revista de Psicología Social, 38(2), 412–455. https://doi.org/10.1080/02134748.2023.2181611
Walley, K., Custance, P., Taylor, S., Lindgreen, A., & Hingley, M. (2007). The importance of brand in the industrial purchase decision: A case study of the UK tractor market. Journal of Business and Industrial Marketing, 22(6), 383–393. https://doi.org/10.1108/08858620710780145
Zapata, B. (2023). Estas son las diez empresas con mejor reputación en Ecuador. El Universo. https://lc.cx/OHyumZ
Published
December 31, 2024
Series
Copyright (c) 2024 Víctor Hugo Mejía Cisneros, Patricia Alexandra Chiriboga Zamora, Roberto Isaac Costales Montenegro, Renato Renee López Flores
Details about the available publication format: PDF
PDF
ISBN-13 (15)
978-9942-664-92-1
Publication date (01)
2024-12-31
